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Not a great 10-year gilt auction

GILT AUCTION RESULTS
  • Not a great 10-year gilt auction. The bid-to-cover and the tails weren't too bad (albeit not that this was a smaller auction as we approach the holiday period: GBP3.00bln versus GBP3.75bln previously).
  • However, the mild weakness was seen in the price. The LAP of 107.364 was below the immediate pre-auction mid-price - and was marginally higher than seen for the lows in the secondary market around 5 minutes ahead of the auction cutoff.
  • Post-auction we have seen the 4.625% Jan-34 gilt trade below the LAP and hit an intraday low of 107.285 at writing (via Bloomberg data).
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